By William McQuillen and Jeff St.Onge
Nov. 24 (Bloomberg) -- Oral Roberts University President Richard Roberts, son of the Christian school's televangelist founder, resigned yesterday following accusations that he used school funds for personal use.
Roberts's resignation was effective yesterday, according to a statement from George Pearsons, chairman of the Board of Regents, posted on the school's Web site. The Tulsa, Oklahoma- based university's regents will meet starting on Nov. 26 to discuss a replacement for Roberts, 59.
Three university professors filed a lawsuit last month against Richard Roberts. They allege that he used the school's aircraft for a $29,411 trip to the Bahamas and spent school money to buy horses for his children, according to John Swails, one of the plaintiffs.
The university was founded in 1963 by Roberts' father, evangelist Oral Roberts. The 5,700-student school emphasizes the Christian faith and encourages pupils to become ``servant- learners,'' according to a mission statement.
"I love the students, faculty, staff and administration, and I want to see God's best for all of them,'' Richard Roberts said in his resignation letter, according to the statement on the Web site.